The March 17 Council text for EMIR Art.8 Para.1b has recently been amended from earlier drafts in a way which creates uncertainty and serious risks for the trading of derivatives.
This paper summarises the concern that the latest Council drafting on the treatment of collateral potentially introduces a right of counterparties to request during the term of a trade that the party that has received posted collateral should stop using such collateral in their general business and instead to put in place special arrangements such as specific trust arrangement or full segregation with a third party custodian.
Documents (1) for ISDA–AFME brief on segregation in bilateral contracts in the context of EMIR – 13 April 2011
Latest
US Treasury Repo Clearing Indicators May 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities...
ISDA, FIA, GFMA, CMC, CMCE Respond to IOSCO on Best Practices for OTC Commodity Derivatives
ISDA, FIA, the Global Financial Markets Association (GFMA), the Commodity Markets Council (CMC) and the Commodity Markets Council Europe (CMCE), have responded to the International Organization of Securities Commissions' (IOSCO) consultation report on best practices for over-the-counter (OTC) commodity derivatives...
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...